JUPITER SEA & AIR
SERVICES PVT. LTD, EGMORE – CHENNAI, INDIA.
E-MAIL : Robert.sands@jupiterseaair.co.in Mobile : +91 98407 85202
Corporate News Letter for Wednesday May 27, 2026
Today’s
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/// Sea Cargo News ///
US strikes Iran missile sites
as ceasefire talks face new uncertainty
US forces launched strikes on missile sites and suspected
mine-laying boats in southern Iran, raising fresh concerns over the future of
ongoing negotiations aimed at ending the Middle East conflict.
According to US Central Command, the attacks targeted Iranian
missile launch sites and vessels allegedly attempting to deploy mines near the
Strait of Hormuz.
The strikes came as Iranian negotiators arrived in Doha for
another round of talks with the US aimed at securing a broader ceasefire agreement.
US Secretary of State Marco Rubio said negotiations were
continuing despite the escalation. “There were some talks going on in Qatar
today ”, Rubio said, adding that discussions were focused on “specific language
in the initial document”.
He also stressed that the Strait of Hormuz “is going to be open
one way or the other”. Iranian State
media reported explosions near Bandar Abbas overnight, although authorities
said the situation remained under control.
The latest escalation threatens efforts to restore maritime
traffic through the Strait of Hormuz, a critical global oil shipping route that
has faced severe disruption during the conflict.
Oil prices fluctuated following the strikes, with markets
reacting to renewed uncertainty surrounding the reopening of the strait and
global energy supplies.
Meanwhile, Israeli operations against Hezbollah in southern
Lebanon intensified, adding further pressure to regional de-escalation efforts
linked to the US-Iran negotiations.
US President Donald Trump also stated that Iran’s enriched
uranium stockpile should either be transferred to the US for destruction or
dismantled under international supervision.
Iranian officials said progress had been made in negotiations
but cautioned that a final agreement was not yet imminent.
Hapag-Lloyd Halts Cargo Bookings on
Cuba Trade Routes
Hapag-Lloyd has suspended cargo bookings on trade routes to and
from Cuba, effectively halting new freight acceptance for shipments linked to
the Caribbean nation.
The decision impacts container bookings across its global
network and reflects operational and regulatory considerations affecting
Cuba-bound maritime trade. The carrier said the suspension applies to both
import and export bookings involving Cuba, with immediate effect, and customers
have been advised to adjust logistics plans accordingly.
Industry sources noted that existing shipments already in
transit will continue under current arrangements, while new bookings will not
be accepted until further notice.
The company added that additional updates will be provided as
more information becomes available.
Shipping alliances carriers
and MSC control almost 83% of market
Shipping alliances continue to strengthen their dominance across
the global container shipping industry, with the latest fleet data showing that
alliance carriers together with MSC now control almost 83% of the market.
According to the latest figures from Alphaliner, shipping and
MSC currently account for approximately 82.9% of global container shipping
capacity, compared with 82.5% recorded in October 2025 and 82.1% one year ago.
The latest increase confirms the continued concentration of market power among
the industry’s largest liner operators.
Although alliance members do not deploy their entire fleet
within joint services, the scale of cooperation between the major carriers
continues to shape competition across the main East-West trade corridors.
MSC strengthens independent
leadership
Despite operating outside a formal alliance structure following
the end of the 2M partnership, MSC continues to dominate the global container
shipping market independently.
The Geneva based carrier now controls 21.6% of global container
shipping capacity, up from 21% recorded in late 2025. MSC’s operated fleet has
also surpassed the symbolic milestone of 1,000 ships, reaching approximately
7.32 million TEUs.
The carrier continues to pursue one of the industry’s most
aggressive expansion strategies, supported by an orderbook of 126 vessels.
MSC’s scale now allows the company to compete directly against
entire shipping alliances across both East-West and North-South trades,
reinforcing its unique position within the liner shipping sector.
Gemini Cooperation approaches
21% market share
The Gemini Cooperation partners, Maersk and Hapag Lloyd,
continue to hold one of the strongest positions among global shipping alliances.
Together, the two carriers operate approximately 7.06 million
TEUs across 1,027 ships, representing around 20.9% of global container shipping
industry.
Maersk currently controls 4.66 million TEUs across 737 vessels,
while Hapag Lloyd operated nearly 2.4 million TEUs across 290 vessels.
The partnership also maintains a combined orderbook of 152
vessels, including 93 ships for Maersk and 59 for Hapag Lloyd.
As the Gemini network moves closer to full implementation, both
carriers continue prioritizing schedule reliability, operational efficiency and
simplified network structures.
Ocean Alliance remains the
largest shipping alliance
The Ocean Alliance continues to be the largest shipping alliance
in terms of deployed fleet capacity.
Based on the latest available fleet figures, CMA CGM, COSCO
Group and Evergreen Group collectively operate approximately 9.9 million TEUs
across 1,522 ships, giving the alliance a market share exceeding 29%.
CMA CGM remains the alliance’s largest member, operating 4.31
million TEUs across 723 ships. The French carrier also maintains a massive
orderbook of 152 vessels totalling nearly 1.77 million TEUs.
COSCO Group, together with OOCL, controls around 3.6 million
TEUs across 559 vessels and maintains an orderbook of 141 ships. Meanwhile,
Evergreen operates close to 2 Million TEUs across 240 ships and currently has
74 vessels on order.
In total, the Ocean Alliance members maintain a combined order
book of 367 vessels, highlighting their long-term commitment to fleet expansion
and modernization.
Premier Alliance maintains
strong regional presence
The Premier Alliance, consisting of ONE, HMM and Yang Ming are
continuing to maintain a strong position across the trans-Pacific and
intra-Asia trades.
HMM currently operates approximately 1.03 Million TEUs across 97
ships and maintains an order book of 35 vessels. Yang Ming controls around
742,000 TEUs across 98 ships supported by 16 vessels on order.
ONE operates 2.13 Million TEUs across 271 ships, with an
additional 54 vessels in its order book. The alliance continues to invest in
fuel-efficient vessels, fleet renewal and operational flexibility to remain
competitive across key regional trades.
Non-alliance carriers
continue losing market share
While shipping alliances and MSC continue strengthening their
market position, non-alliance carriers now control only around 17.1% of global
container shipping capacity. Several independent operators nevertheless remain
important players within regional and niche markets.
ZIM Integrated Shipping Services currently represents
approximately 2.1% of global capacity, operating 699,472 TEUs across 116 ships.
Taiwan based Wan Hai Lines controls around 1.8% of the market, while Singapore
head-quartered Pacific International Lines (PIL) accounts for approximately
1.3%.
Meanwhile, feeder and regional specialists such as X-Press
Feeders and SITC continue to maintain solid positions, each controlling roughly
0.6% of global container shipping capacity.
Despite their smaller scale, these carriers remain critical for
intra-regional connectivity and specialized trade coverage.
Potential ZIM developments could strengthen shipping alliance
further.
The growing dominance of shipping alliances could intensify even
further in the coming years.
Industry observers continue monitoring developments surrounding
potential acquisition and cooperation discussions involving ZIM. If such a deal
is ultimately finalized, the market share controlled by alliance-linked
carriers could increase even more, further reducing the space available for
truly independent operators.
At the same time, the liner shipping industry’s massive
orderbook activity shows that competition among the world’s largest carriers
remain extremely aggressive.
However, the next phase of competition is expected to focus
increasingly on operational efficiency, schedule reliability, digital
integration and de-carbonization strategies, rather than fleet size alone.
/// Air Cargo News ///
Widebody conversions
overtake narrowbodies for first time in over 15 years
Widebody freighter conversions exceeded narrowbody conversions
for the first time since 2009 last year as a result of narrowbody oversupply.
This pivotal change in the freighter conversion market was
highlighted by aviation advisory firm IBA in its “The Freighter Outlook, Values
& Conversion Trends” webinar yesterday.
“For the first time since 2009, we have seen widebody
conversions exceeding narrowbody conversions,” said John Whaley, senior
aviation analyst, IBA.
The reason for the switch was largely because of a slowdown in
the number of narrowbody conversions, rather than an increase in widebody
conversions.
IBA figures show that narrowbody conversions last year slipped
to less than 20, compared with around 70 in 2024.
The slowdown in narrowbody conversions comes as a result of
market oversupply, caused by a rush of orders in the immediate aftermath of
Covid, when aircraft owners were looking for ways to utilise unused narrowbody
passenger aircraft and the cargo market was in high demand.
While the widebody conversion market was larger than the
narrowbody sector last year, this area of the market is not without its
challenges.
In fact, the number of widebody conversions last year was
actually down on 2024 levels, with 30 widebody conversions having taken place
in 2025 compared with 40 in 2024 as the widebody sector battles with a lack of
feedstock.
Whaley pointed out that widebody conversion stock had been
retained in the passenger market in recent years as it was deemed too valuable.
“Widebody capacity is limited and it seems to be getting worse,
not better,” said Whaley.
Whaley said the narrowbody oversupply is expected to eventually
correct itself, but not until 2028 at least. This year, the company is
expecting the number of narrowbody conversions to be just over 20.
Meanwhile, widebody conversions are expected to increase
slightly this year, edging just above 30, with factors including more widebody
programmes being available and improved feedstock as aircraft are retired from
passenger operations.
“It’s well known that the narrowbody market has been dealing
with the oversupply problem, so naturally you are going to see those conversion
streams shrinking, so to speak,” Whaley added.
There were record passenger-to-freighter conversions in 2023. In
comparison, 2025 was a quiet year, but the number of overall conversions in
2026 is expected to be slightly higher than in 2025, according to IBA.
Whaley said IBA does expect conversion activity to increase as
this decade progresses.
“IBA’s opinion is that 28-30 (2028-2030) is when (the market
will) see conversions across both (widebody and narrowbody) increasing.”
Programme activity increases
Meanwhile, there are plenty of new conversion programmes in the
market, IBA has noted.
The 777P2F operator base is growing, said Whaley. “We are seeing
the market expanding.”
In September last year, IAI’s first two 777-300ERSFs were
delivered by AerCap to launch operator Kalitta Air, and in December, AerCap
delivered the first of three 777-300ERSF to Fly Meta.
At the end of March, Challenge Group’s first 777-300ERSF
(extended range special freighter), converted with IAI, became operational in
its fleet.
Mammoth Freighters received Supplemental Type Certification
(STC) from the Federal Aviation Administration (FAA) for its 777-200LRMF (Long
Range Mammoth Freighter) freighter conversion in April.
Meanwhile, the company has continued to make progress on its
777-300ERMF programme and expects FAA certification of that variant later this
year.
Kansas Modification Center (KMC) announced in January it had
reached a cargo door milestone and expected to begin flight testing and the
supplemental type certificate (STC) process for its 777-300ERCF
freighter conversion programme in the third quarter of this year.
Jonathan McDonald, manager – classic and cargo aircraft and
senior ISTAT certified appraiser, added there is “not enough” feedstock for
777-300ER conversions, but availability should improve in the 2030s.
Conversion diversity
Outside of 777 conversions, Whaley said the 767-300ER conversion
market is “still going strong”, adding “Amazon and Cargojet have already taken
some this year”.
He further stated: “Cargo Aircraft Management, part of ATSG are
going to take some more before the year is done. That’s already confirmed.”
But he also warned: “Feedstock is becoming scarce for the type.”
The A330-200 and A330-300 are also playing a more prominent role
in the market, said Whaley.
Israel Aerospace Industries (IAI) announced this month that it
had completed primary structural work on its Airbus A330-300BDSF prototype and
expected certification by the end of the year.
Whaley said: “The -200P2F is definitely gaining traction in
China.” Customers include Air Cargo China, JD Air Cargo and ZTO.” Usage has
been mainly domestic.
In 2025, there were 10 conversions of the -200. There has been
more availability of the -200 feedstock as the -300 is more in demand in the
passenger market.
However, said Whaley: “Overall, the -300 does remain a more
popular type and we do expect that to show in the future.”
Additionally, 737 conversions remain active. In January, MRO
company KF Aerospace gained certification for the world’s first Boeing 737-800
combi conversion.
Aeronautical Engineers Inc (AEI) is also developing a conversion
programme for Boeing 737-900ER aircraft with a planned launch date of 2029.
Although Whaley pointed out: “There is no rush for that
conversion as the narrowbody market is oversupplied. The timing is not
crucial.”
Qatar Cargo maintains
market leadership despite volume decline
Qatar Cargo saw its cargo revenues and volumes decline last year
as performance was hit by the outbreak of fighting in the Middle East at the
end February and supply chain shifts.
The airline’s cargo business registered a 9.6% decline in cargo
revenues in its financial year running until the end of March to $4.45bn, while
cargo volumes were down 9.1% year on year to 2.8m tonnes.
However, the carrier pointed out that it had maintained its
position as the world’s largest international airfreight carrier with a 12%
global market share.
“This performance reflects sustained demand across key markets,
alongside the Group’s ability to adapt with speed and discipline,” the airline
said in its annual statement.
Qatar Airways chief executive Hamad Al‑Khater said the carrier
delivered its results in the “midst of a geopolitical disruption that closed our airspace and significantly curtailed our
operation, the consequences of which remain very much present”.
By the end of March, Qatar Airways’ global passenger and cargo
network stabilised, Gulf Cooperation Council (GCC) links were introduced across
three key cities, and 93% of Doha cargo backlog was cleared.
In addition, all 30 Boeing 777 freighters were fully deployed,
its global network ran 87 flights uninterrupted daily, and it had a flown as
planned rate of 81%.
Looking to the financial year as a whole, the airline said that
the market had been affected by the introduction of tariffs.
“Global cargo markets were influenced by continued uncertainty,
including new tariff regimes, shifting trade flows, and broader geopolitical
change,” the carrier said.
“Qatar Airways Cargo responded with agility and adjusted
capacity across its network in line with customer requirements and regional
growth opportunities.”
Network developments, partnerships and products
During the year, new freighter services were launched to
Baghdad, Cairo, Erbil, Tbilisi, and Yerevan, and capacity was further
strengthened across key Asian gateways, including Guangzhou, Hong Kong, and
Macau.
In total, the cargo division serves more than 70 freighter
destinations and over 170 bellyhold destinations.
In terms of partnerships, its tie-up with Virgin Australia saw
cargo capacity from Australia’s principal hubs and “significant progress was
made on its landmark Global Cargo Joint Business” with IAG Cargo and
MASkargo.
Following regulatory approvals across 57 markets, the joint
business commenced a pilot launch of the collaboration. Further expansion will
follow as additional approvals are secured.
The cargo division also launched TechLift, a service designed
for semiconductors and high tech cargo, and Aerospace services.
Digital investments included enhancements to the cargo mobile
application, the introduction of Sama for Cargo – the world’s first AI powered
digital cargo cabin crew, and the rollout of Ramp Offload and Load Supervision
as part of its ramp digitisation programme.
The overall airline said its performance was robust despite net
profits sliding by 10%.
ASL continues Australasia expansion with Airwork purchase
ASL Airlines Australia has signed a sale-and-purchase agreement
for the takeover of troubled group Airwork’s New Zealand and Australia freight
business.
In a short statement, ASL said that the proposed transaction
remains subject to the completion of the final stage due diligence and the
satisfaction of customary conditions. Terms were not disclosed.
“This is expected to be an exciting development for ASL and a
welcome step forward in our operations,” said Stefan Oechsner, chief executive
and managing director at ASL Airlines Australia.
Airwork Holdings – excluding its Airwork Flight Operations,
Airwork Personnel and AFO Australia businesses – went into receivership in July
of last year, followed by certain assets of Airwork Ireland in September.
The company’s financial difficulties were caused by the loss of
five leased Boeing 757 aircraft in Russia following the Russian invasion of
Ukraine; challenging trading conditions due to the loss of customers; and
unsustainable debt levels.
“Airwork is gradually recovering from the significant and
unforeseen event in 2022, when western sanctions on Russia, resulting from the
Russia-Ukraine conflict, materially impacted the business,” the company said in
a recent financial report.
“These sanctions led to the legally required termination of six
aircraft lease arrangements with a Russian customer. Five of Airwork’s aircraft
remain under the illegal control of the Russian operator. These aircraft have
been fully impaired and remain the subject of an ongoing insurance claim.”
According to Planespotters.net, the
airline currently operates five Boeing 737-400 aircraft, with a further two of
the model parked, along with a single 737-800.
ASL Airlines Australia was formerly known as Pionair Australia.
ASL Aviation acquired
Pionair in 2023 and rebranded it the same year to align with other ASL
units.
The purchase allowed ASL to expand into the Australian and
Oceania markets. The company has been focused on modernising its fleet and in
July last year took delivery of a second 737-800 converted freighter.
In total, the carrier operates eight aircraft with the rest of
its fleet made up of BAe 146-200QT and BAe 146-300 aircraft.
Services offered by the airline include ACMI and charter
operations.
I hope you have enjoyed reading the above
news letter.
Robert Sands
Joint Managing Director
Jupiter Sea & Air Services Pvt Ltd
Casa Blanca, 3rd Floor
11, Casa Major Road, Egmore
Chennai – 600 008. India.
GST Number : 33AAACJ2686E1ZS.
Tel : + 91 44 2819 0171 / 3734 / 4041
Fax : + 91 44 2819 0735
Mobile : + 91 98407 85202
E-mail : robert.sands@jupiterseaair.co.in
Website : www.jupiterseaair.com 1Branches : Chennai, Bangalore,
Mumbai, Coimbatore, Tirupur and Tuticorin.
Associate Offices : New Delhi, Kolkatta, Cochin &
Hyderabad.
Thanks to : Container News, Indian Seatrade, Cargo Forwarder Global & Air Cargo News.
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